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21.02.201216:24 Forex Analysis & Reviews: USD/CAD Elliott Wave Count for February 21, 2012

Long-term review

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Technical outlook and chart setups:

The EUR/JPY pair is looking to form base around 138.50 levels as seen here. Please note that the pair has dropped to the fibonacci 0.50 support level of its rally between 135.80 and 141.30. A bullish reversal could be expected here, and take the pair towards 142.50 at least. Immediate support is seen at 137.80 (fibonacci 0.618), followed by 135.80 and lower while resistance is seen at 140.30, followed by 141.30 respectively. It is recommended to initiate long positions now (138.80/90), risk remains below 137.80. Bulls may be just getting back in control.

Trading recommendations:

Initiate long positions, stop below 137.50, target 142.50.

Good luck!

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